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Lake Oswego Real Estate RMLS Market Action Report July 2019

These summer months are just flying bye.  I went to Cannon Beach yesterday and the downtown area was just packed.  Every pub, restaurant and cafe had waiting lines.  The beach itself had more sunbathers that I have ever seen since the weather was absolutely gorgeous. I think our buyers in our Portland metro real estate market are still on vacation and enjoying the last days of Summer.

July Residential Highlights

Closed sales had the strongest numbers this July in the Portland metro area. At 2,994, closing outpaced July 2018 (2,736) by 7.6% and June 2019 (2,756) by 6.8%. This was the strongest July for closings
in the area since 2015, when 3,452 closings were recorded. Buyers seem to be purchasing what little inventory we have had in July.  The number of houses for sale is decreasing as we head into Fall.  Not a good outlook for buyers who want to purchase while rates are low.

Pending Sales

Pending sales, at 2,998, fell 2.4% short of July 2018 (3,071) and 2.8%short of June 2019 (3,083). Similarly, new listings (3,966)ended 8.0% under the 4,312 offered last year in July 2018 and 7.4% under the 4,281 offered last month in June 2019.

Houses For Sale – Inventorybettyjung.com

We have such low inventory and need houses to sell.  Everything that was written about boomers selling their large homes has not come true. Aging in place is becoming the norm and they are not downsizing in the large numbers predicted. In addition, we need more new construction. I have so many buyers looking to purchase and the kind of houses they are looking for just is not out there.  I look 24/7 pretty much as soon as something comes up on our Hot Sheet for sale.  We have had no luck. Heading into Fall I worry there will be even fewer houses for sale.

Inventory decreased slightly in July to end at 2.3 months. During the same period, total market time
rose by one day to 43 days. There were 6,797 active residential listings in the Portland metro area this July.

Year to Date Summary

Activity is mixed so far in 2019 compared with 2018. New listings (26,629) are up 0.7%, while pending sales (18,778) are down 2.3% and closed sales (16,903) are down 3.1%.

Average and Median Sale Prices

There is still appreciation but that level of appreciation has slowed from previous years. Comparing 2019 to 2018 through July, the average sale price has increased 1.0% from $453,600 to $458,300. In the same comparison, the median sale price has increased 2.0% from $400,000 to $408,000.

Buyers – I have Buyers!!! 

I am serious when I say I have buyers looking for different properties in different parts of the Portland metro areas.  Several urgent buyers I have are looking in Tigard, West Linn, Lake Oswego x2, and Beaverton.  Let me know if you are interested in selling and I will try to match your home with my clients who are now looking.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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Here are the latest stats we have – June 2019, from our RMLS™:

June Residential Highlights 

Pending Sales

Pending sales saw the sole gain this June in the Portland metro area.At 3,083, pending sales rose 0.8% compared with June 2018 (3,059) despite decreasing 6.3% from last month in May 2019 (3,292).

New Listings

New listings, at 4,281, fell 5.2% short of the 4,515 new listings offered last year in June 2018 and
12.7% from last month in May 2019 (4,902).

bettyjung.com

Closed Sales

Closed sales performed similarly, ending 6.4% under the 2,946 closings recorded in June 2018 and 7.2% below the 2,969 closings from May
2019.

Inventory

Inventory rose slightly to 2.4
months in June. Total market time
decreased to 42 days in the same
period. There were 6,735 active
residential listings in the Portland
metro area this June.bettyjung.com

Year to Date Summary

Activity is mixed so far in 2019 compared with 2018. New listings (22,599) are up 2.4%, while pending
sales (15,956) are down 2.1% and closed sales (13,842) are down 4.8%.

Average and Median Sale Prices

bettyjung.com

% of Price Change 2017 vs. 2018

Comparing 2019 to 2018 through June, the average sale price has increased 0.7% from $453,400 to $456,700. In the same comparison, the median sale price has increased 1.8% from $400,000 to $407,000.

% of Price

bettyjung.com

% of Price Change 2018 vs. 2019

Change & Yearly Comparisons

You can see by these two images that the % of price appreciation in 2018 increased by 7.1%.  There has been a lot of talk about a slow-down and again, see the % of price change in 2019 and it was only 2.6% for an average sale price.

While prices continued to increase, due to low inventory, there has been a slow down in appreciation.  Yet, some prices (mostly under $600,000, and houses in certain neighborhoods) we are still seeing multiple offers. Those multiple offers that had been for only the eastside and close-in areas, still exist on the westside as well.

We are still facing low inventory levels throughout the Portland metro area.  However, we are close to what the inventory level was in 2018.  In other words, houses for sale have not increased significantly and because of that, prices will continue to rise.

Everything Is Local

The national news media would have you believe the real estate market is shifting towards buyers.  Here in our Portland metro real estate market, we are NOT seeing that.  Everything is local!  Before you make an offer, make sure you know what the area and neighborhood sales have been.  A balanced market is 5-6 months or under 7 months of inventory.  At 2.4 months’ current inventory, we are not even close to a balanced market, let alone a buyer’s market.

I have had several buyers lately thinking they could make low-ball offers to obtain the house of their dreams.  Guess what – that’s not going to work in our current market. If you want that house, or property, you need to “step up to the plate” and offer at least full price or above.  Otherwise, I will guarantee, you will lose out!

Lake Oswego Inventory of Houses For Sale 

Currently, the Lake Oswgeo/West Linn area has 2.8 months’ inventory.  Still low but higher than the over-all Portland metro area.  I have several clients looking in the Lake Oswego and West Linn areas and cannot find them what they are looking for.  Want to sell?  I have buyers.

Interest Rates

Rates are super low and there are rumors of a cut in the interest rate soon.  Don’t put off buying any longer and stop paying your landlord’s mortgage payment!

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Published today, here are the latest real estate stats for our Portland metro areas.

RMLS™ Market Action Report May 2019

May Residential Highlights

May brought sunny numbers to real estate activity in the Portland metro area. There were 2,969 closed sales, a 5.9% increase over May 2018 (2,803) and a 23.2% increase over April 2019 (2,409). This was the strongest May for closings in the area since 2006, when 3,054 were recorded.bettyjung.com

PENDING SALES

Pending sales (3,292) rose 2.8% from May 2018 (3,201) and 6.1% from April 2019 (3,102).

LISTINGS

There were 4,902 new listings offered, a 5.1% increase from May 2018 (4,665) and a 16.4% increase from April 2019 (4,210). This was the strongest May for new listings since 2008, when 5,182 were offered.

INVENTORY

Inventory decreased slightly to 2.1 months in May, with total market time decreasing to 48 days in the same period.

YEAR TO DATE SUMMARY

Activity is mixed so far in 2019 compared with 2018. New listings(18,257) are up 4.3%, while pending sales (13,011) are down 2.6% and closed sales (10,986) are down 4.4%.

AVERAGE AND MEDIAN SALE PRICES

Comparing 2019 to 2018 through May, the average sale price has increased 0.9% from $448,600 to $452,700. In the same comparison, the median sale price has increased 0.7% from $399,500 to $402,400.

NATIONAL REAL ESTATE MARKET

There has been considerable national news stating that the Portland real estate market is favoring buyers.  This information is NOT true.  Our listing inventory has dropped again this month and we are at 2.1 months of houses for sale.  This is indicating it is still a sellers’ real estate market here in Portland.

As I have stated many times, a normal (average) real estate market is 5-6 months of inventory, or under 7 months.  We are NOT even in a normal market or even close to a buyers’ real estate market.  Everything is local, your neighborhood might be different and even your street might be different as to available houses for sale.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

While we are still seeing low housing inventory in our Portland metro real estate markets, the number of properties coming on the market for sale has increased.

Since I haven’t posted inventory levels for our metro areas in what seems forever, I thought now would be a good time during this busy Summer buying season. Our most recent stats are as of April 2019. Interest rates are super low and it is a good time to purchase.  Sellers are still experiencing higher prices and seeing equity when selling.

Real Estate Inventory By Portland Metro Area

Here are the latest inventory levels from our RMLS™:

  • North Portland = 2.3 months of inventory
  • NE Portland = 1..9 months of inventory
  • SE Portland = 1.8 months of inventory
  • Gresham/Troutdale = 2.2 months of inventory
  • Milwaukie/Clackamas = 2.1 months of inventory
  • Oregon City/Canby = 1.9 months of inventory
  • Lake Oswego/West Linn = 2.9 months of inventory
  • West Portland = 4.0 months of inventory
  • NW Washington County = 2.4 months of inventory
  • Beaverton/Aloha – 1.1 months of inventory
  • Tigard/Wilsonville = 2.1 months of inventory
  • Hillsboro/Forest Grove = 1.9 months of inventory
  • Yamhill County = 2.1 months of inventory

Multiple Offers

I can almost guarantee you, if you are selling or wanting to purchase a home in one of the above areas that have less than 2 months of inventory, you most likely will be looking at multiple offers.  Obviously if the home is priced correctly, or in some cases, below market value, that is what you will be faced with and it will be necessary for you to make the highest and best offer you can.

SW Portland Housing Inventory

SW Portland currently is looking at the highest inventory of houses for sale.  I don’t know if the new rental laws and other tax liabilities is the basis for this or not.  If I see any stats on this I will write a blog post here.

Past Inventory Levels vs Today

And, in case anyone has forgotten, look at the inventory levels from 2008, 2009, and 2010 compared to our current inventory levels:

bettyjung.combettyjung.com

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Once again in our Portland metro real estate market, we are finding ourselves in yet another sellers’ market.  If you are still on the fence about selling your home, now is still a good time.  Prices are still increasing and in fact have increased by 3.6%.

Granted the appreciation level has slowed down.  Lake Oswego saw only 2.8% price appreciation within the last 12 months and pending sales in Lake Oswego/West Linn are down by -15.6% ytd. All in all, still a good time to buy and still a good time to sell. If you are waiting to do either, don’t wait too long!bettyjung.com

However, some agents are sweating low appraisals on listings and are receiving them, but there are still multiple offers in some areas and in certain price ranges.  Right now houses under $500,000 seem to be “hot”.  Investors buying multi-family properties are also facing multiple offers and well over list price offers are being accepted.

While listings are increasing, we still are not at a normal real estate market.  5-6 months of inventory is needed to be at what is considered “normal”.  Lake Oswego/West Linn currently has 2.9 months of inventory, a higher level than the Portland metro area at 2.2 months, but well below a normal market too. Again, if inventory of houses for sale does not increase, prices will continue to increase too as we have seen; albeit, not at a high level of appreciation as in the past however.  But summer is coming, and while most think that is a busy time, it is not.  There are weddings, graduations, vacations, etc etc which does slow down the market specifically in June. So if you are a buyer, June might reward you with making a good purchase.

bettyjung.com

April Residential Highlights

The Portland metro area saw mostly gains this April, with new listings leading the way.

There were 4,210 new listings, a 5.5% increase over April 2018 (3,990) and a 20.1% increase over the 3,504 offered last month in March 2019. This was the strongest April for new listings in the area since 2010, when 4,713 were offered.

Pending Sales

Pending sales, at 3,102 in April, increased 3.1% over April 2018 (3,008) and 13.3% over March 201 (2,738).

Closed Sales

There were 2,409 closings in the region in April, a 10.4% increase over March 2019 (2,183) but a decrease of 4.5% from the 2,523 closings recorded last year in April 2018.

Days On The Market

Total market time decreased in April to 53 days, with inventory holding steady at 2.2 months. There were 5,400 active residential listings in the Portland metro area in April.

Average And Median Sale Prices

Comparing 2019 to 2018 through April, the average sale price has increased 0.3% from $444,600 to
$445,900. In the same comparison, the median sale price has increased 1.2% from $395,000 to $399,600.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

The latest stats were published yesterday from RMLS™ for February 2019.  We had some crazy weather this past month, and I don’t know how much that affected our Portland metro real estate market, but it usually does.

Instead of inventory increasing going into the busy Spring buying/selling real estate season, it is once again trending downward.  Inventory dropped, prices increased and days on the market is hovering around 75 days to sell a home.  The 75 days on the market is a clear sign that real estate continues its slow-down. Last year, the days on the market were 69 days as a comparison to this year.

Houses in some areas are still selling quickly and once again there are still multiple offers being seen.  This is not the trend throughout the entire Portland metro area, however. We are still in a sellers’ real estate market and nowhere near a balanced market, favoring both buyers and sellers.  If you are still waiting for a drop in prices, you may be waiting for quite a while, and they may never drop to levels where you hope they will.  Rates are historically low, and now is still a great time to purchase a home.

If you are wanting to sell, you most likely have seen a lot of equity in your home by now and this is a great opportunity for you to purchase a new home.

February Residential Highlights

Activity in Portland was mixed this February, but some gains were seen compared with last month.bettyjung.com

Closed Sales

Closed sales, at 1,726, rose 19.0% ahead of the 1,451 closings recorded last month in January 2019, but fell 4.4% short of the 1,806 closings recorded last year in February 2018.

Pending Sales

Pending sales (2,208) fared similarly, ending 5.5% under the 2,337 offers accepted in February 2018 but rising 8.0% over the 2,045 pending sales from January 2019.

New Listingsbettyjung.com

New listings, at 2,444, fell 3.4% short of February 2018 (2,530) and 19.8% short of January 2019 (3,048).
This was the coolest February for new listings in the Portland metro area since 2014, when 2,354 were put on the market.

Days on the Market

Total market time decreased by one day in February to end at 75 days. During the same period, inventory decreased to 2.7 months. There were 4,579 active residential listings in the Portland metro area
in February.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending February 28th of this year ($452,100) with the average price of homes in the twelve months ending February 2018 ($432,200) shows an increase of 4.6%. In the same comparison, the median has increased 4.4% from $383,000 to
$400,000.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

RMLS™ MARKET ACTION REPORT JANUARY 2019

January Residential Highlights

New Listings

The Portland area saw an uptick of new listings to begin the year this January. There were 3,048 new listings, a 22.6% increase over January 2018 (2,486) and more than double the 1,255 new listings offered
last month in December 2018. The prior January that had more listings was in 2011, when 3,128 were
offered. There are reports indicating we have not had this many houses for sale in 7 years. Inventory is definitely creeping up, and Spring is just around the corner when Sellers really start putting their homes on the market for sale.bettyjung.com

Pending Sales

Pending sales, at 2,045, decreased 11.5% from January 2018 (2,311) but surged 27.9% ahead of the 1,599 offers that were accepted last month in December 2018..  Fewer and fewer multiple offers are being seen.  However, will Spring have a resurgence of those kind of offers.

Closed Sales

Closed sales, at 1,451, ended 10.9% cooler than last year in January 2018 (1,628) and 21.4% cooler than last month in December 2018 (1,846).

Inventory & Days On Market

Inventory rose to 3.3 months in January, with total market time rising to 76 days.  Days on the market has increased.  The days of hitting the market and selling instantly are over.  Hopefully, sellers are now in step with what is happening in our local real estate market in the Portland metro area.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($452,200) with the average price of homes in the twelve months ending January 2018 ($430,000)
shows an increase of 5.2%.

In the same comparison, the median has increased 5.3% from $380,000 to $400,000.

Lockbox Activity Decreases

I don’t normally post this statistic regarding lockbox activity – ie lockboxes that were opened for bettyjung.comshowings.  But, it indicates how weather affects selling real estate in the Pacific NW, particularly in the Portland metro area.  We had a false snowmageddon and I guess everyone decided to stay home and eat their kale (inside joke for Portlanders!).  They decided to stay home and not look at houses.  We get this stat weekly. This one covers February 4-10 and in fact, the following week was when we were expecting the worst of the snow.  Will post that stat next time to see if it was an even slower time.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

The year-end stats were published this week along with our December 2018 RMLS Market Action Report.

Portland Metro Average Price Changes Year To Date 2018

Here are the year-to-date average prices and % of increase for each Portland metro area in 2018:

  • North Portland = $419,900 = 4.3%
  • NE Portland = $469,300 = 4%
  • SE Portland = $419,100 = 5.9%
  • Gresham/Troutdale = $353,200 = 7.7%
  • Milwaukie/Clackamas = $428,800 = 4.6%
  • Oregon City/Canby = $420,900 = 7.1%
  • Lake Oswego/West Linn = $676,200 = 0.6%
  • West Portland = $612,700 = 3.8%
  • NW Washington County = $539,200 = 2.5%
  • Beaverton/Aloha = $393,900 = 8.6%
  • Tigard/Wilsonville = $462,500 = 6.3%
  • Hillsboro/Forest Grove = $394,700 = 5.9%
  • Mt. Hood = $321,000 = 5.2%
  • Columbia County = $297,000 = 7.8%
  • Yamhill County = $366,500 = 10.1%

I will be posting more stats for different school districts Lake Oswego in upcoming posts. Check back.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

This morning the December 2018 RMLS™ Market Action report was issued which reflects year-end stats.  In the coming days, I will break down those stats focusing on the different schools and neighborhoods within Lake Oswego and posts for the Portland metro area neighborhoods as well.

Year-End Stats 2018

The report shows a cooling in 2018 which actually started early in the year, and as I have been reporting here on my blog for many months now.  This is not a bad thing, as I have previously stated.  Our wild and crazy real estate market of the past several years could not continue and a cool-down has been welcomed.

Prices are still increasing, albeit not as quickly, because we are still in a sellers’ real estate market in the Portland metro area ending the year with 2.5 months of inventory. A “normal” market has 5-6 months of houses for sale, or under 7 months as per the National Association of REALTORS® (NAR)®.  Others in the real estate industry feel after 3 months’ inventory it becomes a normal market.  However, in either case, we are still a long way from a normal market let alone a buyers’ real estate market.

December Residential Highlights

December brought cooling across the board to the Portland metro area.

Pending Sales

Pending sales, at 1,599, fell 9.0% short of the 1,757 offers accepted last year in December 2017 and 16.0% short of the 1,904 offers accepted last month in November 2018.

Closed Sales

Closed sales (1,846) fared similarly, ending 21.4% lower than in December 2017 (2,350) and 13.9%
lower than in November 2018 (2,144). This is the coolest December for closings in Portland metro since
2013, when 1,821 were recorded.

New Listings

New listings, at 1,255, cooled 22.4% from December 2017 (1,617) and 45.7% from November 2018 (2,310).

Days On The Marketbettyjung.com

Total market time rose to 64 days in December, with inventory decreasing slightly to land at 2.5 months.

Year to Date Summary

Activity in 2018 was mixed compared to 2017. New listings (41,287) increased 1.2%. Pending sales (29,809) decreased 4.9% and closed sales (29,771) decreased 5.9%
this year.

Average and Median Sale Prices

Comparing 2018 to 2017 through December, the average sale price rose 5.5% from $428,700 to $452,400. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

Selling Your Home In 2019

Sellers need at this point to re-educate themselves as to the market conditions since they may be used to houses selling instantly.  Now, with 64 days’ market time, and a slower market, sellers will need to adjust their expectations.  It still comes down to price, condition and location.  Those tenents have not changed as long as I have been selling real estate, now going into my 41st year. Regardless of the market, good, or bad, it always comes down to those three. It used to also be dependent upon terms.  However, now with all the various financing programs, that no longer enters into the picture as often.

Recession?

I have written about this topic on several occasions and have also included a long article in my January 2019 real estate newsletter – Jung’s Journal.  Whether there is or isn’t another recession on the horizon, there are always reasons to buy and/or sell.  Having been through 6 or 7+ recessions now, I can guarantee you that houses still sell and buyers still purchase a home.

Apprecition

The areas that had the highest appreciation rate in 2018 were Yamhill County #1, Beaverton/Aloha #2 and Gresham/Troutdale #3. The over-all Portland metro area had a 5.6% appreciation rate.  I will break down the appreciation rates for all the areas in another post.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

bettyjung.comI wrote a post regarding sold stats for Lake Oswego real estate zip codes 97034 and 97035 for February to July 2018.  Here is the link to that post. It is time to update that post now. 

Lake Oswego Real Estate Year-End Sold Stats

In the post referenced above, it showed there was a slow-down in our Lake Oswego real estate market starting in July 2018.  That actually continued throughout the balance of 2018 as noted below:

  • August 2018 – 74 houses sold = average sold price $934,038
  • September 2018 – 68 houses sold = average sold price $869,819
  • October 2018- 61 houses sold = average sold price $960,121
  • November 2018 – 39 houses sold = average sold price $871,622
  • December 2018 – 52 houses sold = average sold price $794,069

While sales did slow down in Lake Oswego, it is still a sellers’ market.  For those of you waiting for prices to drop, just know that as interest rates increase it will cost you more.  However, we started the New Year with interest rates decreasing.  It is a good time to buy.  As soon as it might become a buyer’s market, you may also see higher rates, so you really have gained nothing by waiting.

2019 LAKE OSWEGO REAL ESTATE STATS

As soon as our RMLS™ Market Action Update is issued for December 2018, I will be able to post year-end stats.  That should be most likely this next week.

If you are thinking of selling, now rather than later may be a good time to put your home on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

 

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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